Saturday 10 December 2016

Zurich on track for €11bn revenue

INSURANCE

Published 13/01/2010 | 05:00

ZURICH's Dublin-based EU venture yesterday announced the absorption of the risk business from three new territories, Italy, Portugal and Spain.

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The venture is now on track for annual revenues of €11bn. The figure is lower than the €12bn initially projected due to the slower transfer of the German business and fluctuations in Sterling/euro exchange rates.

Pub board objects to new directors

LEISURE

UK pub group Mitchells & Butlers' decision to recommend shareholders to back the appointment of Superquinn executive chairman Simon Burke as a non-executive director to the company has failed to quell the ire of its largest shareholder. Mr Burke was nominated following a request by Piedmont, owned by Joe Lewis. But the M&B board has suggested that the proposed non-executive directors, including Mr Burke, can not be considered independent.

Biogen drug sales reach $1bn mark

PHARMAceuticals

Biogen said annual sales of multiple sclerosis drug Tysabri topped $1bn (€6.9m) for the first time last year. Tysabri was taken by 48,800 patients worldwide, including 24,500 in the US, by the end of 2009, a 30pc increase from a year earlier, Biogen said.

NTMA plans to auction two bonds

BONDS

The National Treasury Management Agency plans to auction two bonds next week. The agency will auction a 4pc 2014 bond and a 5.4pc 2025 bond, the NTMA added.

Fee for financial institutions in US

BANKS

US President Barack Obama plans to raise as much as $120bn (€82bn) over several years through a fee on financial institutions to help recoup losses from the Troubled Asset Relief Programme and reduce the federal deficit. The White House hasn't settled on the final structure of the fee.

BP replaces Royal Dutch Shell at top

OIL

BP has replaced Royal Dutch Shell as Europe's largest oil company by market value for the first time in more than three years. BP is valued at £119.2bn (€132.9bn) while Shell is valued at £118.3bn (€131.9bn).

Irish Independent

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